It also comes as optimism grows that businesses globally are getting closer to reopening, which has boosted risk appetite and reduced demand for the US currency.
The greenback fell 0.26% against a basket of currencies to 99.62, above a two-week low of 99.44 hit on Tuesday.
The Australian dollar, which is seen as a proxy for global growth, jumped 0.57% to $0.6527. It earlier reached $0.6547, the highest since March 10.
The greenback also dipped after data showed that the US economy contracted in the first quarter.
The Commerce Department said gross domestic product fell at a 4.8% annualized rate in the January-to-March period after expanding at a 2.1% rate in the final three months of 2019.
The euro gained 0.43% to $1.0865 before a European Central Bank meeting on Thursday.